US Congress HR1315

Link to Summary Link to Summary

Link to Full Text Link to Full Text

On July 22, 2011 in the Senate:

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

On July 21, 2011 in the House:

Rule H. Res. 358 passed House.
Considered under the provisions of rule H. Res. 358 .
Rule provides for consideration of H.R. 1315 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. In lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, it shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule an amendment in the nature of a substitute consisting of the text of the Rules Committee Print dated July 14, 2011.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 358 and Rule XVIII.
The Speaker designated the Honorable Ted Poe to act as Chairman of the Committee.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1315 .
H.AMDT.686 Amendment offered by Mrs. Maloney. Amendment sought to strike Section 1023 of the Dodd-Frank Act giving the Financial Stability Oversight Council the ability to override Consumer Financial Protection Bureau rules.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the Maloney amendment.
H.AMDT.686 On agreeing to the Maloney amendment Failed by voice vote.
H.AMDT.687 Amendment offered by Ms. Jackson Lee . Amendment sought to restore the requirement for a 2/3 majority vote in order for the Financial Stability Oversight Council to overrule a Consumer Financial Protection Bureau regulation.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the Jackson Lee amendment.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Jackson Lee amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Ms. Jackson Lee demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.
H.AMDT.688 Amendment offered by Mr. DeFazio. Amendment provides that no Member of the Financial Stability Oversight Council may participate in a vote to issue a stay of, or set aside, a regulation issued by the Bureau of Consumer Financial Protection if said regulation would affect an institution for which that individual was employed in the preceding 2 years.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the DeFazio amendment.
POSTPONED PROCEEDINGS - At the conclusion of debate on the DeFazio amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. DeFazio demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.
H.AMDT.689 Amendment offered by Mr. Paulsen. Amendment clarifies that the nonvoting members of the council are allowed to petition against any rule made by the Consumer Financial Protection Bureau , even if they represent an industry the CFPB is not permitted to regulate.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the Paulsen amendment.
H.AMDT.689 On agreeing to the Paulsen amendment Agreed to by voice vote.
H.AMDT.690 Amendment offered by Mr. Miller . Amendment sought to require specific disclosure of information related to filing agency petitions to the Financial Stability Oversight Council to overturn Consumer Financial Protection Bureau rulemaking.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the Miller amendment.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Miller amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Miller demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.
H.AMDT.691 Amendment offered by Ms. Jackson Lee . Amendment sought to restore time limits in which the Financial Stability Oversight Council must review and make a determination on regulations issued by the Consumer Financial Protection Bureau.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the Jackson Lee amendment No. 6.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Jackson Lee amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mrs. Capito demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.
H.AMDT.692 Amendment offered by Mr. Quigley. Amendment requires the Financial Stability Oversight Council to provide live online streaming or broadcasting of Council meetings pertaining to review of Consumer Financial Protection Bureau regulations.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the Quigley amendment.
H.AMDT.692 On agreeing to the Quigley amendment Agreed to by voice vote.
H.AMDT.693 Amendment offered by Ms. Chu. Amendment requires the commissioner to research how language barriers can lead to unfair and abusive lending practices and to report to the full Commission on ways to protect consumers from such unfair and deceptive practices.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the Chu amendment.
H.AMDT.693 On agreeing to the Chu amendment Agreed to by voice vote.
H.AMDT.694 Amendment offered by Mrs. Maloney. Amendment sought to immediately transfer all authority that the Consumer Financial Protection Bureau would receive to the Secretary of the Treasury if no Commission Chair is in place by the single calendar date designated for the transfer, until such time as a Chair has been confirmed by the Senate.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the Maloney amendment.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Maloney amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mrs. Capito demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.
VACATING PROCEEDINGS - Mr. DeFazio asked unanimous consent to vacate the proceedings by which a recorded vote was ordered on the adoption of amendment no. 3 to the end that the amendment be agreed to by the voice vote.
H.AMDT.688 On agreeing to the DeFazio amendment Agreed to by voice vote.
H.AMDT.695 Amendment offered by Mr. Lankford. Amendment requires the Inspector General of the Board of Governors of the Federal Reserve System/CFPB to submit an annual report to Congress no later than February 1, 2012, and every year thereafter, which identifies all new guidance/regulation/rules prescribed by the Bureau; any Bureau authority which overlaps with other federal agencies/departments; Bureau administrative expenses; and Bureau unobligated balances. Such a report would also be posted online and published using existing funds.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the Lankford amendment.
H.AMDT.695 On agreeing to the Lankford amendment Agreed to by voice vote.
H.AMDT.696 Amendment offered by Mr. Rigell. Amendment requires the Consumer Financial Protection Bureau to submit an analysis on the impact of its proposed rule or regulation on the financial industry, and submit an analysis of consumer and small business access to credit as a result of the regulation, to the Financial Stability Oversight Council for the purposes of public review.
DEBATE - Pursuant to the provisions of H.Res. 358 , the Committee of the Whole proceeded with 10 minutes of debate on the Rigell amendment.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Rigell amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Miller demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.
UNFINISHED BUSINESS - The Chair announced that the unfinished business was on the question of adoption of amendments which had been debated earlier and on which further proceedings were postponed.
H.AMDT.687 On agreeing to the Jackson Lee amendment Failed by recorded vote: 170 - 239 .
H.AMDT.690 On agreeing to the Miller amendment Failed by recorded vote: 175 - 238 .
H.AMDT.691 On agreeing to the Jackson Lee amendment Failed by recorded vote: 175 - 240 .
H.AMDT.694 On agreeing to the Maloney amendment Failed by recorded vote: 168 - 244 .
H.AMDT.696 On agreeing to the Rigell amendment Agreed to by recorded vote: 246 - 167 .
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1315 .
The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
The previous question was ordered pursuant to the rule.
Mr. Michaud moved to recommit with instructions to Financial Services.
DEBATE - The House proceeded with 10 minutes of debate on the Michaud motion to recommit with instructions, pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add a new section retaining the current two-thirds majority vote requirement for the Financial Stability Oversight Council to set aside a Consumer Financial Protection Bureau regulation designed to safeguard seniors from fraud relating to their Social Security and Medicare benefits, foreclosure, robosigning, reverse mortgages, and pensions or other retirement savings. Subsequently, the point of order was withdrawn.
The previous question on the motion to recommit with instructions was ordered without objection.
On motion to recommit with instructions Failed by recorded vote: 183 - 232 .
On passage Passed by recorded vote: 241 - 173 .
Motion to reconsider laid on the table Agreed to without objection.
The text of H.R. 830 , as passed by the House, was appended to the end of H.R. 1315 as new matter.
The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 1315 .

On July 20, 2011 in the House:

Rules Committee Resolution H. Res. 358 Reported to House. Rule provides for consideration of H.R. 1315 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. In lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, it shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule an amendment in the nature of a substitute consisting of the text of the Rules Committee Print dated July 14, 2011.

On July 19, 2011 in the House:

Supplemental report filed by the Committee on Financial Services, H. Rept. 112-89 , Part II.

On May 25, 2011 in the House:

Reported by the Committee on Financial Services. H. Rept. 112-89 .
Placed on the Union Calendar, Calendar No. 49.

On May 12, 2011 in the House:

Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 35 - 22.

On May 4, 2011 in the House:

Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee by the Yeas and Nays: 13 - 9 .

On May 2, 2011 in the House:

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

On April 6, 2011 in the House:

Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

On April 1, 2011 in the House:

Referred to the House Committee on Financial Services.

On March 16, 2011 in the House:

Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.

H.AMDT.686

Amendment sought to strike Section 1023 of the Dodd-Frank Act giving the Financial Stability Oversight Council the ability to override Consumer Financial Protection Bureau rules.

H.AMDT.687

Amendment sought to restore the requirement for a 2/3 majority vote in order for the Financial Stability Oversight Council to overrule a Consumer Financial Protection Bureau regulation.

Amendment provides that no Member of the Financial Stability Oversight Council may participate in a vote to issue a stay of, or set aside, a regulation issued by the Bureau of Consumer Financial Protection if said regulation would affect an institution for which that individual was employed in the preceding 2 years.

H.AMDT.689

Amendment clarifies that the nonvoting members of the council are allowed to petition against any rule made by the Consumer Financial Protection Bureau (CFPB), even if they represent an industry the CFPB is not permitted to regulate.

H.AMDT.690

Amendment sought to require specific disclosure of information related to filing agency petitions to the Financial Stability Oversight Council to overturn Consumer Financial Protection Bureau rulemaking.

H.AMDT.691

Amendment sought to restore time limits in which the Financial Stability Oversight Council must review and make a determination on regulations issued by the Consumer Financial Protection Bureau.

H.AMDT.692

Amendment requires the Financial Stability Oversight Council to provide live online streaming or broadcasting of Council meetings pertaining to review of Consumer Financial Protection Bureau regulations.

H.AMDT.693

Amendment requires the commissioner to research how language barriers can lead to unfair and abusive lending practices and to report to the full Commission on ways to protect consumers from such unfair and deceptive practices.

H.AMDT.694

Amendment sought to immediately transfer all authority that the Consumer Financial Protection Bureau would receive to the Secretary of the Treasury if no Commission Chair is in place by the single calendar date designated for the transfer, until such time as a Chair has been confirmed by the Senate.

H.AMDT.695

Amendment requires the Inspector General of the Board of Governors of the Federal Reserve System/CFPB to submit an annual report to Congress no later than February 1, 2012, and every year thereafter, which identifies (1) all new guidance/regulation/rules prescribed by the Bureau; (2) any Bureau authority which overlaps with other federal agencies/departments; (3) Bureau administrative expenses; and (4) Bureau unobligated balances. Such a report would also be posted online and published using existing funds.

H.AMDT.696

Amendment requires the Consumer Financial Protection Bureau to (1) submit an analysis on the impact of its proposed rule or regulation on the financial industry, and (2) submit an analysis of consumer and small business access to credit as a result of the regulation, to the Financial Stability Oversight Council for the purposes of public review.

July 21, 2011: On Agreeing to the Amendment

Yeas: 170
Nays: 239
Absent: 23

Details: + −

July 21, 2011: On Agreeing to the Amendment

Yeas: 175
Nays: 238
Absent: 19

Details: + −

July 21, 2011: On Agreeing to the Amendment

Yeas: 175
Nays: 240
Absent: 17

Details: + −

July 21, 2011: On Agreeing to the Amendment

Yeas: 168
Nays: 244
Absent: 20

Details: + −

July 21, 2011: On Agreeing to the Amendment

Yeas: 246
Nays: 167
Absent: 19

Details: + −

July 21, 2011: On Motion to Recommit with Instructions

Yeas: 183
Nays: 232
Absent: 17

Details: + −

July 21, 2011: On Passage

Yeas: 241
Nays: 173
Absent: 18

Details: + −

US - Representative Sean P. Duffy (R)

Type:

Primary Sponsor

US Congress HR1315

Consumer Financial Protection Safety and Soundness Improvement Act of 2011

+ − Bill Search

Table of Contents

Tools

+ − Summaries (3)

+ − Full Texts (4)

+ − Actions (71)

+ − Amendments (11)

H.AMDT.686

H.AMDT.687

H.AMDT.688

H.AMDT.689

H.AMDT.690

H.AMDT.691

H.AMDT.692

H.AMDT.693

H.AMDT.694

H.AMDT.695

H.AMDT.696

+ − Votes (7)

July 21, 2011: On Agreeing to the Amendment

July 21, 2011: On Agreeing to the Amendment

July 21, 2011: On Agreeing to the Amendment

July 21, 2011: On Agreeing to the Amendment

July 21, 2011: On Agreeing to the Amendment

July 21, 2011: On Motion to Recommit with Instructions

July 21, 2011: On Passage

+ − Sponsor

US - Representative Sean P. Duffy (R)

Type:

+ − Committees (3)

US - Financial Services (House)

US - Financial Institutions and Consumer Credit (House)

US - Banking, Housing, and Urban Affairs (Senate)

Team Categories

Team Discussion

Personal Categories

Personal Notes